Symantec revises Q1 estimates due to slow consumer spending

Internet security company Symantec revises expectations for the next quarter, citing weak spending in the consumer market

Internet security company Symantec revises expectations for the next quarter, citing weak spending in the consumer market

Symantec Corp. has announced that it is revising guidance for the first fiscal quarter, ending June 29, 2001, due to weak spending in the consumer and small business segments worldwide and negative foreign currency effects.

The company has revised its sales for its fiscal first quarter to between US$225-235 million compared to its prior expectation of US$255-263 million - a difference of about US$30 million.

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Because of lowered sales, Symantec expects to report profit of between 39 cents to 47 cents a share, against prior estimates of 62 cents to 67 cents a share.

"Although security spending is not recession-proof, we remain confident in the long-term health of the Internet security industry and continue to see strong order levels for our enterprise security solutions," said John Thompson, chairman, president and CEO of Symantec.